Egypt to raise Israeli natural gas imports by 20% as of October
Updated 9/22/2024 8:37:00 AM
Arab Finance: Egypt is set to increase its imports of Israeli natural gas by 20% starting in October to reach 1.2 billion cubic feet per day, in an effort to reduce liquefied natural gas (LNG) imports during the winter season, an unnamed government official told Asharq Business.
The country's imports of Israeli gas have already risen by 18% this month, bringing current volumes to nearly 1 billion cubic feet per day, from 850 million cubic feet in July.
Earlier this month, Egypt secured 20 LNG shipments through a recently launched tender to cover its winter demand, following a significant drop in domestic gas production.
Egypt has now become a net importer of natural gas, purchasing over 50 shipments since the beginning of 2024.
The official explained that the boost in gas imports from Israel aligns with a decrease in local demand in Israel and an increase in production from its gas fields.
Egypt's daily natural gas needs are 6.2 billion cubic feet, while its daily production is about 4.6 billion cubic feet.
The government aims to raise gas production to 5 billion cubic feet per day by the end of the year to meet the rising electricity demand during peak summer months and alleviate the need for the load-reduction plan.
Egypt first began importing gas from Israel in 2020 under a $15 billion agreement between Chevron, Delek Drilling, and Egypt’s Dolphinus Holding Company.
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